昨天(8月27日)下午，景林资产合伙人、基金经理蒋彤有一场闭门交流。 话题并没有涉及市场点位、涨跌之类的判断，还是一如既往地聚焦在基本面的深度研究和思考中。 蒋彤在我们非常熟悉的一位价投私募管理人口中，是一位非常勤奋的投资经理，"很多调研都能看到 她，亲力亲为"。 如果再结合蒋彤的从业经历和业绩来看，这样的口碑就更有含金量了。毕业于美国哥伦比亚大学，曾担 任鼎晖基金旗下润晖投资合伙人，建信基金及南方基金研究部总监，也担任过相关公司的监事，在证 券、基金业从业超过30年。 2007年加入景林。 在近期披露的中报中，她管理的基金出现在石基信息的前十大股东中。 从我们拿到的一份3月底产品持仓来看，保持高仓位运作，其中港股占比最多，其次是美股。信息技术 行业重仓最多，几乎占股票持仓的近一半;其次是可选消费和金融。 交流中，蒋彤延续了去年年末对市场的整体判断，同时将重心进一步转向几个方向：政策主导下的市场 重构、全球再平衡中的企业分布、以及AI产业的落地节奏与核心评估方式。 02 AI应用验证阶段已到来 尤其是谈到新兴领域的研究，这段分享很值得细细读。 01 政府调控水平越来越高了 蒋彤指出，股票市场的基本面，一直优于 ...

以下文章来源于智通财经APP ，作者智通编选 报告核心逻辑围绕 "基金持仓行为 + 主动敞口 + 三重动量" 构建分析框架，揭示全球机构资金在 AI 长期主题主导下的配置偏 好： 半导体板块因 AI 景气度获巨额增持，工业与医疗板块遭显著抛售 ；地区层面， 亚太（除日本）成为资金避风港，美国市 场则面临持续流出压力 。此外，报告通过 "四大股票筛选标准"（拥挤型利好、拥挤型利空、欠配利好、欠配利空）识别出具有 潜在收益或风险的标的，为投资者提供决策参考。 一、全球资金流向：半导体成最大赢家，亚太（除日本）逆势吸金 1. 行业维度：AI 主题驱动半导体板块 "一枝独秀" 受 AI 长期投资主题回暖推动，上月全球纯多头基金对行业板块的配置呈现显著分化： 增持核心——半导体板块：上月全球 半导体板块获纯多头基金净买入 272 亿美元 ，成为全球增持规模最大的行业，反映机构 对 AI 产业链上游核心资产的长期信心。从细分领域看，AI 芯片、先进制程相关标的（如英伟达、台积电）是增持主力。 智通财经APP . 智通财经APP，连线全球资本市场。内容合作/内容举报请联系李先生： Tel: +86-15121009144 ...

Group 1 - The core viewpoint of the articles highlights the positive impact of recent real estate policy adjustments in Shanghai and Beijing on consumer sectors, particularly retail and food and beverage, which have shown significant gains in stock performance [1] - The real estate policy relaxation is part of a broader macroeconomic strategy aimed at stimulating consumption, with various supportive measures already in place, including subsidies and financial incentives [1] - The anticipated financial stimulus from these policies is substantial, with expected funding reaching 100 billion annually for childcare subsidies, 45 billion for free preschool education, and 138 billion for consumption-related initiatives in the second half of the year [1] Group 2 - The Food and Beverage ETF (515170) tracks the performance of a specialized index reflecting the overall trends of food industry stocks, with a significant weight in liquor (56.8%), dairy products (14.1%), and seasoning products (9.9%), all of which are currently at low valuation levels [1] - The Consumer Discretionary ETF (562580) follows the All-Share Consumer Discretionary Index, focusing on stocks with good liquidity and market representation, with major weights in air conditioning (21.5%), electric passenger vehicles (16%), and comprehensive passenger vehicles (7.2%), indicating a shift towards low-valuation sectors with new technology [2]

港股市场回购统计周报 2025.8.18-2025.8.24 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 2 l 港股市场回购周统计数据 l 上市公司回购的意义与作用 港股市场回购周统计数据 3 1 目录 港股市场回购周统计数据（2025.8.18-2025.8.24） l 周回购数据总汇 | 证券代码 | 证券简称 | 期间回购金额 | 期间回购数量 | 回购数量占 | | --- | --- | --- | --- | --- | | | | (万港元) | (万股) | 总股本比例 | | 0700.HK | 腾讯控股 | 275,307.04 | 464.20 | 0.05% | | 1378.HK | 中国宏桥 | 75,601.78 | 3,194.70 | 0.33% | | 0005.HK | 汇丰控股 | 68,585.23 | 690.00 | 0.04% | | 0386.HK | 中国石油化工股份 | 29,772.14 | 6, ...

华泰联合证券有限责任公司 关于国旅文化投资集团股份有限公司本次交易信息发布前 股票价格波动情况的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"本公司"）接受 国旅文化投资集团股份有限公司（以下简称"国旅联合"、"上市公司"）委托， 担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称 "本次重组"）的独立财务顾问，对上市公司在本次重组首次公告日前 20 个交易 日的股票价格波动情况进行了核查，核查情况如下： 一、股票价格波动情况 根据《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》的 相关规定，上市公司对本次交易信息公布前股票价格波动情况进行了自查，自查 情况如下： 综上，上市公司股价在本次重组停牌前 20 个交易日内不存在异常波动。 因筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项，上市 公司股票（证券简称：ST 联合，证券代码：600358.SH）自 2025 年 5 月 15 日起 停牌。上市公司股票停牌前 20 个交易日期间的股票价格、上证指数（代码： 下： | 公告前 | 21 | 个交易日 | | | | 公告前 1 | 个交易日 | ...

国旅文化投资集团股份有限公司董事会 关于本次重组信息公布前公司股票价格波动情况的说明 国旅文化投资集团股份有限公司（以下简称"公司"或"上市公司"）拟以 发行股份及支付现金的方式购买江西润田实业股份有限公司（以下简称"润田实 业"或"标的公司"）100%股份并募集配套资金（以下简称"本次交易"或"本 次重组"）。 根据中国证监会及上交所的相关规定，公司对本次交易信息发布前股票价格 波动情况进行了自查，自查情况如下： 因筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项，公司 股票（证券简称：ST 联合，证券代码：600358.SH）自 2025 年 5 月 15 日起停牌。 公司股票停牌前 20 个交易日期间的股票价格、上证指数（代码：000001.SH）、 可选消费（长江）指数（代码：000004.CJ）的累计涨跌幅情况如下： 本次重大资产重组信息公布前 20 个交易日期间，公司股票价格累计上涨了 （000004.CJ）累计上涨了 7.15%。剔除上述大盘因素和同行业板块因素影响后， 公司股票价格在本次重大资产重组停牌前 20 个交易日期间内的累计涨跌幅未达 到 20%，不存在异常波动的情况。 综上 ...

Investment Rating - The report maintains a cautious investment stance on the consumer sector, particularly highlighting concerns over low-income consumer behavior and the impact of tariffs on essential goods [4]. Core Insights - The consumer confidence index has declined, with the Michigan Consumer Sentiment Index dropping to 58.6 in August from 61.7 in July, marking a 5% decrease and falling below market expectations [7]. - Retail sales data remains resilient, with July retail sales reaching $726.28 billion, a year-on-year increase of 3.9% [7]. - Inflation remains moderate, with the Consumer Price Index (CPI) rising 0.2% month-on-month and 2.7% year-on-year in July, slightly below expectations [9]. - Employment data shows a significant downward revision, with only 73,000 non-farm jobs added in July, far below the expected 110,000 [14]. Macroeconomic Overview - Consumer confidence has weakened, with inflation concerns rising. The short-term inflation expectation increased from 4.5% to 4.9% [7]. - Retail sales growth is dependent on policy incentives and promotional activities, while consumer concerns about prices and unemployment persist [7]. - The CPI is influenced by declining energy prices and initial tariff effects, with core CPI reaching 3.1%, the highest this year [9]. Essential Consumption Insights - Beverage sales show marginal weakness, while tobacco data has rebounded. Alcohol and dairy sectors continue to exhibit weakness [27]. - Alcohol retail sales in June were $5.95 billion, down 3.3% year-on-year, indicating limited resilience in sales [27]. - Dairy product shipments totaled $13.61 billion in June, with a year-on-year increase of 1.6%, reflecting a relatively flat performance [31]. - Tobacco shipments reached $6.05 billion in June, up 7.3% year-on-year, with a CPI increase of 6.5% [33]. Discretionary Consumption Insights - Restaurant and department store sales show marginal weakness, while clothing sales have improved [35]. - Restaurant retail sales in July were $98.3 billion, a year-on-year increase of 5.6%, but a month-on-month decline of 0.4% [35]. - Department store sales reached $77.39 billion in July, up 2.3% year-on-year, but still below overall retail sales growth [38]. - Clothing retail sales in July were $26.63 billion, up 5.0% year-on-year, with expectations of price increases due to tariffs [40]. Market Performance and Valuation - The discretionary consumption sector performed well, with an 8.2% increase, while the essential consumption sector declined by 1.7% [4]. - The essential consumption ETF saw a net inflow of $120 million, while the non-essential consumption ETF experienced a net outflow of $650 million [4]. - The median valuation for leading food and beverage companies in the U.S. stock market was 24x at the end of July, indicating a relatively high valuation level [4].

Market Overview - The A-share market performed strongly from August 18 to August 22, with major indices generally rising. The ChiNext 50 Index surged by 6.31%, and the Sci-Tech 50 Index increased by over 13%, indicating a focus on growth stocks in this market rally [2][4] - The Shanghai Composite Index rose by 3.49%, closing above 3800 points, while the Shenzhen Index and ChiNext Index increased by 4.57% and 5.85%, respectively [2][4] Industry Performance - The average increase of Wind's first-level industry indices was over 3%, with the information technology sector leading at 8.68%. Other sectors such as telecommunications, consumer discretionary, industrials, and materials also performed well [12][14] - All sectors recorded positive returns, with telecommunications, electronics, and comprehensive sectors showing strong performance, increasing by 10.84%, 8.95%, and 8.25%, respectively. Conversely, the pharmaceutical, coal, and real estate sectors lagged behind with increases of 1.05%, 0.92%, and 0.50% [2][12] Fund Issuance and Performance - A total of 38 funds were issued last week, including 26 equity funds, 6 mixed funds, 5 bond funds, and 1 QDII fund, with a total issuance of 23.314 billion units [2][19] - The Wind All Fund Index rose by 1.98%, with the ordinary equity fund index increasing by 3.60% and the mixed equity fund index rising by 3.52% [8][19] Global Asset Review - Global asset performance showed a "rise in the East and fall in the West." U.S. indices rebounded strongly after a dovish speech by Fed Chair Powell, while European markets displayed mixed results due to economic slowdown concerns [4][5] - The Hang Seng Tech Index rose due to policy support from China and inflows of southbound capital [4] Bond Market Review - The bond market saw a decline in 30-year and 10-year government bond futures, indicating a significant "stock-bond seesaw" effect, reflecting high sensitivity of investors to long-term interest rates [15][16]

证券研究报告|海外策略周报 [Table_Date] 2025 年 8 月 23 日 [Table_Title] MIT 报告引发近期美股科技股波动较多 1[Table_Title2] --海外策略周报 [Table_Summary] 全球市场一周主要观点: 本周美股三大指数涨跌不一，纳指出 现了回调。由于受到 MIT 的关于 95%企业在生成式 AI 投资上 无回报的报告的影响，PALANTIR TECHNOLOGIES、英伟达等 重要科技个股本周波动较多；此外，超微半导体、脸书、甲骨 文、博通等重要个股本周也出现回调。目前 TAMAMA 科技指 数市盈率仍有 35.1，市盈率仍然处于偏高位区间；费城半导体 指数市盈率小幅下降至 49.4，仍然处于临近 50 的偏高位阶段； 美国科技股权重占比较大的纳斯达克指数的市盈率仍然有 40.3，仍然处于高于 40 的偏高位状态，由于美股科技股估值较 高，中期仍然存在杀估值的可能性，以及美股大型科技巨头的 新一轮基本面亮点尚未出现，叠加特朗普时期对于半导体等领 域税收政策的不确定性，美股科技股仍然容易出现调整；纳斯 达克指数、费城半导体指数和 TAMAMA 等美股科技 ...

金融界8月22日消息，上证指数高开高走，中证香港上市可交易内地消费指数 (HKT内地消费，H11144) 上涨1.84%，报1317.5点，成交额552.25亿元。 数据统计显示，中证香港上市可交易内地消费指数近一个月下跌0.15%，近三个月下跌3.10%，年至今 上涨15.02%。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地消费和HKT内地银行等3条指 数，以反映香港证券市场同时具备高流动性、易于借券卖空等特征的相关主题类证券的整体表现。该指 数以2007年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港上市可交易内地消费指数十大权重分别为：阿里巴巴-W（9.94%）、京东集 团-SW（8.96%）、携程集团-S（8.77%）、比亚迪股份（8.64%）、美团-W（7.89%）、泡泡玛特 （6.56%）、小鹏汽车-W（4.45%）、安踏体育（3.66%）、理想汽车-W（3.51%）、吉利汽车 （3.07%）。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期 ...